The only differences between the old PST file format and the new PST file format is that the newer PST files are in Unicode and are capable of 20GB (per Microsoft). The old PST file format such as yours is only capable of 2GB.

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Microsoft makes sure their products are backwards compatible. Any decent software company should do this as well!
I have heard rumors that Windows 7 (Vienna) has a little different outlook (no pun intended) on the whole compatibility thing...but again, just a rumor.
Hope this helps!
-Schmidtw

Yes, outlook 2007 take outlook 2002 pst files. outlook 2007 will let you to import or open pst file of outlook 2002. You can simply use File import & Export option or Open option in Outlook.

Import PST File:Open the Outlook >> File >> Import and Export >> Import from another program or file >> Next >> Personal Folder File (.pst) >> Next >> Browse.And then locate and select outlook 2000 pst file and proceed then select the folder where you to import. It will be imported into your personal folder.

Open PST File:

Open the Outlook >> File >> Open >> Outlook Data File >> Select the outlook 2002 pst file. It will be open in your Outlook as a separate personal folder.

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